A common set of accounting standards and procedures are called
A) financial accounting standards.
B) generally accepted accounting principles.
C) objectives of financial reporting.
D) statements of financial accounting concepts.

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) is a common set of accounting standards and procedures followed in the United States by companies that prepare financial statements.

A Common Set of Accounting Standards and Procedures Are Called